[jeff]

Post by Another71.

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[SullivanNJD]

Well, isn't special purpose framework (OCBOA) consisted of Cash, Tax and Regulatory? Therefore making B correct?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Anonymous]

compliance with aspects of regulatory requirements and preparing f/s in conformity with ocboa is not the same thing. One can report under GAAP and still have to comply with regulatory requirements. I think.

I know why B is right, I am asking why is C wrong. AU-C 800 doesn't even have a phrase “special report”, I did a context search. I am asking because in Roger's book application of accounting principles to specified transactions is in special reports chapter

[Anonymous]

another question

Key Co. plans to present comparative financial statements for the years ended December 31, 20X1 and 20X2, respectively. Smith, CPA, audited Key's financial statements for both years and plans to report on the comparative financial statements on May 1, 20X3. Key's current management team was not present until January 1, 20X2. What period of time should be covered by Key's management representation letter?

Incorrect A. January 1, 20X1, through December 31, 20X2

Correct B. January 1, 20X1, through May 1, 20X3

C. January 1, 20X2, through December 31, 20X2

D. January 1, 20X2, through May 1, 20X3

From AU-C 580:

.A25 The written representations cover all periods referred to in the auditor's

report because management needs to reaffirm that the written representations

it previously made with respect to the prior periods remain appropriate.

The auditor and management may agree to a form of written representation

that updates written representations relating to the prior periods by addressing

whether there are any changes to such written representations and, if so,

what they are.

[sgustin]

This will be my second time taking AUD, does anyone think 4 weeks is enough time to review? last time I took it I didn't study enough so for the last 3 chapters in Becker I was really shaky on and it reflected in my test results. I am just wondering with tax season starting and everything if I will have time to review everything after hours and on weekends.

A - (64) (73) (75)
R - (82)
F - (67)
B -

[Anonymous]

where is the scope paragraph in the auditor's report?

[jstay]

isnt scope paragraph same as auditors responsibility paragraph?

[Anonymous]

I think so but I'm not sure… that's why I'm asking lol

[Anonymous]

i'm using Becker so on page A1-16 is talks about audits of issuers and nonissuers. That extra sentence they have to reference but it doesn't say WHERE to reference it in the audit report.

[ruggercpa2b]

Anjanja if you read the part from AUC 580 it says that covers all periods in the auditor's report. The Auditor's report is dated May 1.

When you read the question it says that the auditor audited the financial statements as of Dec 31 2011 and then till Dec 31, 2012. Those are the dates of the financial statements. Which means the auditor is doing fieldwork after Dec 31, 2012. So the auditor's work started anywhere from Jan 1 2013 through May 1 2013 since that was the date the report was issued. The auditor would not be responsible for anything that happens after May 1 (I think).

I dont have my Wiley book and I would need to double check tomorrow to make sure.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[ahugemistake]

Any Q2 exam takers in here? Just started started studying, gonna try to truck through this during busy season. One question: I use CPA Excel and did study a chunk of Audit before and have forgotten it all now should I go back re read all the stuff or just take the exams to test my knowledge. I'm looking at that first chapter and I just run out of motivation.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

Hi all,

I just finished up my REG test on Monday. Thinkin about trying to cram AUD into this testing window as well, which would give me 7-8 weeks of study time. I don't have a ton of experience with auditing and I've never taken this particular test. Any reason to think that this time frame isn't possible?

[jstay]

@corporette, you got this! take it just to get exposure, i wish i did in December but i didnt know NASBA was going to extend window.

[Anonymous]

That's what I was thinking my NTS expires on 4/1. So I can either cram it and bite the proverbial bullet or wait and chance it next window. I think I'm going to cram it and then give myself another window to pass it in.

[jstay]

yeah i would do that, especially since your 18 month window is ticking!

how did you find REG? (as if your going to say it was super easy and you aced it, lol)

im taking AUD 1/15 and will be cramming REG for 2/28

[Leach2587]

@ahugemistake, I would start with the questions to see what I remember. That's what I did. I took audit the first time and got a 71 and re-took it a year later. Even though I was an auditor, I was surprised to see that I actually remember a lot of the becker material (Actual audit and the exam are completely different). So If you went through the whole book and study material last time, I would start with the questions to see exactly what I remember from studying.

[Author]

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